U.S. HVAC Services Market Size

U.S. HVAC Services Market Future Prospects

The U.S. HVAC services market will generate an estimated revenue of USD 26.9 billion in 2024, which is expected to witness a CAGR of 3.4% during 2024−2030 and reach USD 32.9 billion by 2030. The increasing adoption of such systems (which help cut energy usage) and related services (which ensure the efficient and smooth working of these systems) is due to the growing focus on green energy and environmental sustainability.

The growing construction industry is a major factor driving the growth of the U.S. HVAC services market. Due to a rising population, rapid urbanization, and increasing construction of buildings, the market is growing in the country. For instance, according to the U.S. Census Bureau, the population in the U.S. is expected to increase by around 7% during the period 2019–2029.

Further, with the government’s initiatives to increase home ownership, the country is exhibiting large-scale residential construction activities. For instance, in 2023, the U.S. government augmented its budget allocation by 4.9% for construction projects.

As the need for HVAC equipment grows, the requirement for HVAC services, such as installation, upgradation, replacement, maintenance, and repair are increasing significantly, which is driving the U.S. HVAC services market.